The stocks that were in focus included names like HUL, which rose 4.29%; IRCTC, which gained 0.6%; and RVNL, whose shares rose 0.68% on Tuesday.
Here’s what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
HUL
The stock has touched its swing high resistance mark of 2670 on its daily time frame charts and faced a wick rejection from the same. With the recent resistance now being near 2725 mark it is expected that the stock should witness some profit booking coming in place.It is advisable to book profits at current levels and wait for a technical pullback towards 2450-2500 zone for any fresh longs.IRCTCThe stock touched its swing low resistance mark of 860 on its daily time frame charts, faced a long wick rejection and managed to close above the same.
With the recent swing low support now being placed at the 858.00 mark, the overall risk reward ratio looks in favour of buyers with a strict SL of 850.00 for targets of 975 and 1000.
RVNL
The stock has touched its resistance turned support zone of 332.00 – 345.00 on its daily charts. The stock now has a recent swing low support at 310.00 as of current technical structure.
A pullback resistance is near 370 levels which should serve as a minor resistance for the stock. Overall as of current situation, the stock is looking to be in a no trade zone.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)